Goals from Raul Meireles and Frank Lampard cancelled out Mario Balotelli’s opener at Stamford Bridge late last year to end the Citizens' unbeaten start to the season.
The two sides meet again at the Etihad Stadium on Wednesday night with City currently four points behind rivals Manchester United in the hunt for Premier League glory.
And Hart has highlighted the importance of securing maximum points against the Blues, even if it will be a tough encounter following their recent upturn in form under Roberto Di Matteo, who replaced Andre Villas-Boas earlier this month.
"One result can literally change everything. It's madness but it's great. Being four points behind won't have any bearing on how we play," the England international said in The Sun.
"We owe them one. They were the first team to beat us in the league this season.
"We didn't feel we were outplayed but we lost Gael Clichy to a red card, we could have had a penalty... there's a lot of could-haves and should-haves.
"But we lost the game and now we need to beat them."
The FA Cup holders do not possess the same experience the Red Devils have in terms of challenging for the title, but Hart insists they are still capable of winning their first Premier League title.
"I've never won one so it's hard to know what a title-winning side feels like. But we've got a good spirit, good attitude," he added.
"And I'm sure anyone who has won a title will tell you that's what is required.
"We have all the ingredients. All we're short of is the medal round our necks."
The former Shrewsbury Town trainee believes the return of Carlos Tevez could aid City's quest for domestic glory, with manager Roberto Mancini set to include the Argentine in his 18-man squad following his six-month absence from the game.
Tevez looked set to leave the club in January after refusing to warm up against Bayern Munich back in September, but has been welcomed back to the first-team fold after apologising for his conduct.
"I haven't actually trained with him. But those who have assure me he's doing really well," said Hart.
"It's down to the manager to assess it. But a fully fit and firing Carlos has got to be a positive for us.
"We've got energy in the team and we've got a lot of firepower. But Carlos brings us more of that.
"The strikers who are here now have got us in a position where we could get a record points tally in the league.
"But having Carlos back will be like a new signing. That's a good way of putting it."
